TEQI vs. TRAIX

Last updated Jun 5, 2026

TEQI (T. Rowe Price Equity Income ETF) and TRAIX (T. Rowe Price Capital Appreciation Fund - I Class) are both funds - TEQI is a Large Cap Value Equities fund actively managed by T. Rowe Price, while TRAIX is a Diversified Portfolio fund actively managed by T. Rowe Price. Both are actively managed. Over the past 5 years, TEQI returned 9.28%/yr vs 8.89%/yr for TRAIX. A 0.75 correlation means they provide meaningful diversification when combined. TEQI charges 0.54%/yr vs 0.59%/yr for TRAIX.

Performance

TEQI vs. TRAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T. Rowe Price Equity Income ETF (TEQI) and T. Rowe Price Capital Appreciation Fund - I Class (TRAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TEQI achieves a 11.01% return, which is significantly higher than TRAIX's 5.57% return.

TEQI

• 1D: 1.19%
• 1M: 2.72%
• YTD: 11.01%
• 6M: 12.75%
• 1Y: 22.31%
• 3Y*: 16.81%
• 5Y*: 9.28%
• 10Y*: —

TRAIX

• 1D: -0.24%
• 1M: 1.53%
• YTD: 5.57%
• 6M: 5.68%
• 1Y: 14.47%
• 3Y*: 13.54%
• 5Y*: 8.89%
• 10Y*: 11.35%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TEQI vs. TRAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
TEQI T. Rowe Price Equity Income ETF	11.01%	13.36%	13.14%	9.64%	-3.33%	26.25%	18.07%
TRAIX T. Rowe Price Capital Appreciation Fund - I Class	5.57%	12.57%	12.64%	19.01%	-11.89%	18.59%	11.53%

Correlation

The correlation between TEQI and TRAIX is 0.64, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.68
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (All Time) Calculated using the full available price history since Aug 6, 2020	0.75

The correlation between TEQI and TRAIX shifts across timeframes, from 0.64 (1 year) to 0.75 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TEQI vs. TRAIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TEQI

TEQI Risk / Return Rank: 64
TEQI Sharpe Ratio Rank: 65
TEQI Sortino Ratio Rank: 66
TEQI Omega Ratio Rank: 64
TEQI Calmar Ratio Rank: 63
TEQI Martin Ratio Rank: 63

TRAIX

TRAIX Risk / Return Rank: 46
TRAIX Sharpe Ratio Rank: 46
TRAIX Sortino Ratio Rank: 46
TRAIX Omega Ratio Rank: 47
TRAIX Calmar Ratio Rank: 39
TRAIX Martin Ratio Rank: 50

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TEQI vs. TRAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T. Rowe Price Equity Income ETF (TEQI) and T. Rowe Price Capital Appreciation Fund - I Class (TRAIX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	TEQI	TRAIX	Difference
Sharpe ratio: Return per unit of total volatility	2.12	2.00	+0.13
Sortino ratio: Return per unit of downside risk	3.01	2.87	+0.14
Omega ratio: Gain probability vs. loss probability	1.38	1.37	+0.01
Calmar ratio: Return relative to maximum drawdown	3.10	2.35	+0.75
Martin ratio: Return relative to average drawdown	11.09	10.23	+0.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TEQI vs. TRAIX - Sharpe Ratio Comparison

The current TEQI Sharpe Ratio is 2.12, which is comparable to the TRAIX Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of TEQI and TRAIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TEQI	TRAIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	2.00	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.70	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.89	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.99	0.92	+0.07

Drawdowns

TEQI vs. TRAIX - Drawdown Comparison

The maximum TEQI drawdown since its inception was -17.82%, smaller than the maximum TRAIX drawdown of -26.84%. Use the drawdown chart below to compare losses from any high point for TEQI and TRAIX.

Drawdown Indicators

	TEQI	TRAIX	Difference
Max Drawdown Largest peak-to-trough decline	-17.82%	-26.84%	+9.02%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-6.30%	-0.93%
Max Drawdown (3Y) Largest decline over 3 years	-14.85%	-16.02%	+1.17%
Max Drawdown (5Y) Largest decline over 5 years	-17.82%	-17.00%	-0.82%
Max Drawdown (10Y) Largest decline over 10 years	—	-26.84%	—
Current Drawdown Current decline from peak	-0.27%	-0.68%	+0.41%
Average Drawdown Average peak-to-trough decline	-3.53%	-2.83%	-0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.02%	1.44%	+0.58%

Volatility

TEQI vs. TRAIX - Volatility Comparison

T. Rowe Price Equity Income ETF (TEQI) has a higher volatility of 2.75% compared to T. Rowe Price Capital Appreciation Fund - I Class (TRAIX) at 1.95%. This indicates that TEQI's price experiences larger fluctuations and is considered to be riskier than TRAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TEQI	TRAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.75%	1.95%	+0.80%
Volatility (6M) Calculated over the trailing 6-month period	7.69%	5.78%	+1.91%
Volatility (1Y) Calculated over the trailing 1-year period	10.56%	7.42%	+3.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.62%	12.76%	+1.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.12%	12.74%	+2.38%

TEQI vs. TRAIX - Expense Ratio Comparison

TEQI has a 0.54% expense ratio, which is lower than TRAIX's 0.59% expense ratio.

Dividends

TEQI vs. TRAIX - Dividend Comparison

TEQI's dividend yield for the trailing twelve months is around 1.53%, less than TRAIX's 8.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
TEQI T. Rowe Price Equity Income ETF	1.53%	1.71%	1.86%	2.12%	2.32%	3.03%	0.82%	0.00%	0.00%	0.00%	0.00%
TRAIX T. Rowe Price Capital Appreciation Fund - I Class	8.49%	8.96%	10.52%	4.28%	9.70%	9.35%	8.08%	5.92%	7.57%	6.96%	3.59%

Frequently Asked Questions

Can I hold both TEQI and TRAIX in my portfolio?

TEQI and TRAIX have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TEQI or TRAIX?

TEQI has higher volatility (2.75%) compared to TRAIX (1.95%). In terms of maximum drawdown, TEQI dropped -17.82% vs TRAIX's -26.84%.

Which has better risk-adjusted returns?

TEQI currently has the higher Sharpe Ratio (2.12 vs 2.00), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.